Yikes!!!!!

Dammam

Well, I'm now solvent again after about 6 years of struggle. The only debt left is a £101,000 mortgage (house value currently about £150,000).
So, decided to look over the figures of the last few years and here's the "yikes" moment - my bank charges from January 1st 2005 to September 1st 2005 total £892.51 !!!!!! :eek:
So by sorting out my affairs, I should now be around £99 pcm better off in bank charges alone! It does strike me though, that it seems unfair that those least able to pay get penalised the most. That's life I guess.

I've learned so much in those last 6 years, not least that it's too easy to judge people with money problems when you haven't been there yourself. 7 years ago I used to look down at people who had unmanageable debts - now I know what can happen when circumstances drastically change. I hope I can help a few folk here with my experiences. Good luck all. :money:

ffs

I wish I had moved to a basic bank account many many years ago, the Coop account is great. Any month I miscalculated with my Barclays account I was hit with approx £100 in charges, and that really really hurt.

deemy2004

The banks are reporting later today.. watch out for record profits .. yeh they squeeze those who are in 'difficulties'

Dammam

Well, if I stick to my budget, LloydsTSB will probably report record losses next year

fairylights_2

Congratulations :beer:

Here's hoping I'm posting something similar in two years from now ... that looks near to our debt free date ...

Dammam

Thanks Fairylights. By the look of it, you've been doing brilliantly already - over half way there!

fairylights_2

Thank you! It amazes me how so many little things are mounting up to clear things ... I'm paying little bits in to the credit card every few days so I don't notice it going ON TOP of my cc payments - it's all adding up and I reckon it'll wind the cc companies up that my repayments are going across pages! Something useful to do with the pin money ...

Still, clear is a long way away - but getting closer every day :j

fatbelly

Discovered a new site tonight:

https://www.bankchargeshell.co.uk

Any pressure we can bring on the banks is worth it. I think a link on that site says they make 3.5 billion per year from charges alone.

ffs

!!!!!! wrote:

I wish I had moved to a basic bank account many many years ago, the Coop account is great. Any month I miscalculated with my Barclays account I was hit with approx £100 in charges, and that really really hurt.

Please accept my apologies if you have taken my advice and opened a Coop Basic Bank Account. I totally withdraw this recommendation, as they have now introduced a £19.50 charge per unpaid item - with no maximum (that's even worse than Barclays)!